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GM earnings rise 1% as buyers pay more for popular pickups

DETROIT — General Motors said Thursday that higher prices for popular pickup trucks and SUVs helped overcome slowing global sales and profit rose by 1% in the second quarter. The Detroit automaker said it made $2.42 billion, or $1.66 per share, from April through June. Adjusting for restructuring costs, GM made $1.64 per share, blowing by analyst estimates of $1.44. Quarterly revenue fell 2% to $36.06 billion, but still beat estimates. Analysts polled by FactSet expected $35.97 billion. Global sales fell 6% to 1.94 million vehicles led by declines in North America and Asia Pacific, Middle East and Africa. The company says sales in China were weak, and it expects that to continue through the year. In the United States, customers paid an average of $41,461 for a GM vehicle during the quarter, an increase of 2.2%, as buyers went for loaded-out pickups and SUVs, according to the Edmunds.com auto pricing site. The U.S. is GM's most profitable market. Chief Financial Officer Dhivya Suryadevara said she expects the strong pricing to continue, especially as GM rolls out a diesel pickup and new heavy-duty trucks in the second half of the year. "We think the fundamentals do remain strong, especially in the truck market," she said, adding that strength in the overall economy and aging trucks now on the road should help keep the trend going. Light trucks accounted for 83.1% of GM's sales in the quarter, and pickup truck sales rose 8.5% as GM transitioned to new models of the Chevrolet Silverado and GMC Sierra, according to Edmunds, which provides content to The Associated Press. As usual, GM made most of its money in North America, reporting $3 billion in pretax earnings. International operations including China broke even, while the company spent $300 million on its GM Cruise automated vehicle unit. Its financial arm made $500 million in pretax income. Suryadevara said GM saw $700 million in savings during the quarter from restructuring actions announced late last year that included cutting about 8,000 white-collar workers through layoffs, buyouts and early retirements. The company also announced plans to close five North American factories, shedding another 6,000 jobs. About 3,000 factory workers in the U.S. whose jobs were eliminated at four plants will be placed at other factories, but they could have to relocate. GM expects the restructuring to generate $2 billion to $2.5 billion in annual cost savings by the end of this year.

Car and Driver reveals spy shots of mid-engine 2017 Corvette

Some news in the car world is perennial, and some is perennially wrong. Typically news about some upcoming mid-engined Chevy Corvette has fallen into the latter category, with rumors never yet generating a road car. This time could very well be different. Car and Driver has some exclusive photographs of what would appear to be a Corvette test mule with a mid-mounted engine. The car in question might look like a Holden SSV ute that's undergone some indelicate modification, but C/D editor Don Sherman assures that the bones of a C8 'Vette live within that crude bodywork. Sherman points to the closeness of the cabin to the front axle as clue number one of this car's mid-engine attitude, as well as the powertrain-sized space between the back of the seats and the rear axle. The roof and glasshouse are all clearly plucked from the current C7, and the gas tank filler positioned on the B-pillar is another huge clue. The buff book estimates that the mule points to a timeline for sale, even. Testing on this level could mean a mid-engined C8 ready for sale in as few as 20 months, or for the 2017 model year. Click over to Car and Driver to have a close look at this important set of spy photographs, as well as a rendering of what a finished C8 might ultimately look like

EarthCruiser adds a bigger camper option to its heavy duty pickup line

EarthCruiser is a camper and expedition vehicle company based out of Oregon that we've previously covered for its huge commercial truck-based machines. But they offer more than that, from drop-in campers for smaller pickups to heavy duty pickup conversions. The company's latest product is one of the latter, offering a larger camping area than the current EXD model. This new camper conversion is called the Terranova. The big differentiator between it and the EXD is the camper section, which extends over the truck cab on the Terranova. This means that bed space can be moved to above the truck cab, instead of having to use a convertible dinette. So less reconfiguring, and generally more usable space. One other major difference is that the EXD is only available for the Ram 3500 and Ford F-350. The Terranova is being designed for both of those trucks as well as the Chevy Silverado 3500. The EarthCruiser Terranova is otherwise very similar to other EarthCruiser models. The camper section is made of fiberglass and plastic, and the pop-up roof is insulated with foam. The curtains are triple-layered. The company says it can house four people. It comes with a freshwater tank and pump to help supply the kitchen sink, drinking water tap, bathroom sink and indoor and outdoor showers. There's also a cassette toilet. The kitchen features an induction stove top and small refrigerator and freezer. A fan system is standard, and air conditioning is optional. Power comes from a 400-aH lithium-ion battery. The Terranova isn't yet available. EarthCruiser is finishing up design and engineering, and it plans to have finished examples early next year. The company is taking reservations now, though. Pricing hasn't been announced, but an EXD runs between $220,000 and $265,000, and we would expect the Terranova to cost even more. Related Video: Featured Gallery EarthCruiser Terranova Expedition Camper renderings Chevrolet Ford RAM Truck Off-Road Vehicles Special and Limited Editions RVs/Campers